Dogwifhat (WIF), a meme coin based in Solana, has experienced a notable rise in price and valuation over the last two weeks, with an increase of 63% in value. As a result, WIF hit its record-high monthly valuation of $2.81.
WIF Leads The Memecoin Race
Forbes reports that Dogwifhat, with a market value of over $1 billion, has become the most successful coin in the community, rising 1,300% from a starting point of $0.111 since December of 2023.
Pepe (PEPE) is not far behind, with gains approaching 800%. Simultaneously, Floki Inu (FLOKI), a meme coin named after Elon Musk's Shiba Inu dog, has experienced a notable surge of 418% during the same time frame. Similarly, Shiba Inu (SHIB) has increased by 67%.
Although meme coins receive most of the attention, the report points out that several tokens unrelated to meme coins have also seen impressive rallies that have outperformed Bitcoin's performance.
WIF's Market Cap Surged Significantly
The token's market capitalization has also increased significantly, almost doubling from $1.5 billion to $2.8 billion in just one month. Experts, however, predict that WIF's market value will continue to rise, possibly leading to the token surpassing its prior all-time highs (ATHs).
With a market value that exceeds that of currencies like Hedera's HBAR, ATOM, VET, and Optimism's OP token, WIF is a prominent participant in the cryptocurrency industry and supports the positive view. Market analyst Enguin highlights this on X.
